Tinubu's Economic Policies Blasted Amidst Rise in Business Closures

The African Democratic Congress (ADC) has criticized President Bola Tinubu's economic policies following the exit of Uber from Nigeria. The party claims that the departure of Uber, along with other multinational companies such as Microsoft and Jumia, is a 'vote of no confidence' in the administration's economic policies.

The ADC argues that the rising cost of fuel, transportation, and production costs has made it difficult for businesses to operate in Nigeria. The party points out that 767 manufacturing companies have shut down or ceased operations, including 20 major global brands.

The ADC also highlighted the departure of GlaxoSmithKline (GSK) after five decades of manufacturing in Nigeria, calling it 'particularly significant'. The party questioned the significance of a reported 0.2 percentage-point improvement in economic growth when businesses are closing down and jobs disappearing.